Owner Financing-Is it subletting? Park wants it all in their name

[Nikki Closser]

Hi! Many park managers are telling me they don't allow subletting. However, I've been explaining a bit further that the tenant will be buying the home as they pay make payments to us. Some have still given me a solid NO and some are saying it might be possible. 

One park manager told me that the lot lease has to be in both of our names (me and the buyer) and then it's fine. And one manager told me as long as the whole thing is in their name, lot lease and home, they don't care who they are making payments to for the home. 

I'm still super confused about the process of who has what in their name. At what point is it okay to not have your name on the lot lease and home at all? Or do we put everything in both of our names?

Thanks for all of your help!

[Ryan Murdock]

@Nikki Closser it all depends on how your contract for the sale of the home is structured. I prefer to hold the title until the tenant buyer has made their final payment and fulfilled their agreement. Details definitely vary by municipality, park, and situation so you have to figure out what works for yours. 

Presumably you want to continue selling homes within the same park so you should put a large focus into creating an arrangement that not only works for you but also benefits the park owners so they'll be excited the next time you want to place a home in their park.